Indices shot UP to close @ second highest level since April high of 1422.38.
S&P 500 closed @ 1415.51
RSI @ 67.71
Internals were :
UP volume led by 3.42 to 1 in NYSE & 2.61 to 1 in Nasdaq
Advancing stocks led by 2.55 to 1 in NYSE & 2.27 to 1 in Nasdaq
New 52 wk highs were leading by 139 in NYSE & 61 in Nasdaq
VIX closed Down 2.32% @ 14.29
Oil closed @ $95.60
Gold closed @ $1619.20
In my Portfolio :
Sold AUY
Portfolio is LVS,NTES,JCP,TCK
Exposure 98%
Stocks which were UP 2% or more included LVS,JCP,AUY,LEN,BIDU,
PCLN,GG,NVDA,NTAP,
COH,BRCM,JDSU,FNSR,
SNDK....
AH ER MRVL Down 9.61%
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold Down
About market, We are near top end of this uptrend, It is wise for traders to book profit as fighting for last $ can be very costly. Pretty soon TAPE needs a rest & a healthy pullback. It generally looks "rosy" near TOP & "bleak" near bottom.
BLOG does NOT give buy or sell.
Saleem
23 comments:
Hey Saleem,
The $SPX chart is definitely getting stretched, but we still have healthy skepticism and profit takers (4 of out 4 panelists said fade the rally in a CNBC segment earlier today) and probably good news from China/Europe/US still ahead of us. I'm still optimistic although my portfolio is probably more cautious than my view. I'm not sure how to reconcile that at this point given the runup--I don't feel comfortable fully exposed.
PANW and FIO were stars for me today, so despite the large hedge (losing 3%) and not 100% exposure, I was able to gain 1.87% overall--good day! :)
I expect risk assets to do well tomorrow also--another weekend where we speculate on Chinese RRR cuts on Saturday...
Stocktrader
Hi Stocktrader,
We have come a long way to 1415....
Experience has told me to be "very cautious".....
I am not out of the market...but have reduced exposure "substantially"
Saleem
Well Alright SALEEM
Howdy
I am switching to Fidelity
Etrade was a big bother
So far PM we are down a tiny bit
Lets see where we go
We have to be oder bought at this point,,,,
Caution is oh so true--well said
C
Saleem
I am
at 95% in my cash trading account
and 98% in my IRA
thanks for your hard work on the blog
C
Hey Saleem,
It wasn't really a specific comment about your exposure--it was more just an expression of my current thoughts which helps me stay on the right track.
On that note though, you are often at 150+% exposure, so it feels pretty cautious even when you are just near 100%! :)
I get that it is sometimes a case of selling winning stocks to set up the next trade, so looking at a portfolio exposure at any given second can misrepresent your feelings on the market over the course of longer than a day.
Stocktrader
Hey Saleem,
I sold the hedge. I really feel like small caps can outperform for a while, and given my long exposure in diversified and sometimes market-agnostic stocks, I didn't feel I should have the hedge.
Stocktrader
Hi C,
Go with your OWN comfort level in terms of exposure....i am going with my comfort zone @ the moment.
Good luck with Fidelity.
Saleem
Hi Stocktrader,
We are both stating as to how our strategy is @ the moment..which is always subject to change.
Good luck with your picks.
Saleem
Hey Saleem,
Bought a little OCZ spec at 5.23 and added a little to WPRT at 38.178 for a breakout.
Stocktrader
Hi Stocktrader,
OCZ & WPRT is your old favourite.
Good luck.
Saleem
Hey Saleem,
Yes, you remember! :)
OCZ may actually get that buyout now that IBM purchased a flash storage maker recently and analysts speculate further consolidation is about to happen. Given its improving earnings prospects but cash flow drain, this is a either a buyout or a secondary, either of which should provide positive stock action as even a secondary would alleviate the cash concerns.
WPRT is selling 3x faster in China than the US. I think China can go big when they decide on something, so I think the uncertainty over a natural gas vehicle policy in the US is keeping people out of a great story unnecessarily. Additionally, the stock has been basing for a while, and I think the breakout time is upon us, especially with the huge short interest still.
Stocktrader
HELLO TO ALL
Are you all looking at APPLE
WOW up again
Here come $650
C
Hi Stocktrader,
Thanks for your detailed summary about OCZ & WPRT...it is well researched with a future view on it.
I buy stocks with full margin..OCZ has 0 margin allowed & WPRT has 50% instead of my fav 70%.....that keeps me away from many new ideas.
Saleem
Hi C,
We all look & monitor AAPL everyday for market trend......looking is never a question..buying is another story......mostly regret.
Saleem
Hey Saleem,
I know what you mean. I have a trading account and PANW is 0 margin allowed so I just can't participate there even though the moves have been nice. OCZ is still 50%, so even though it decreases the buying power somewhat, the potential bigger gains make up for it. WPRT is thankfully fully allowed at the 70% and it is the largest position in that trading account.
I don't usually talk about the trading account because it is much smaller and has a different focus than I think this blog is for, but it does help me understand the aspects of that side of things.
Stocktrader
Hi Stocktrader,
TD Waterhouse in Canada is quite "stingy" with margin allowed....they keep changing (reducing) on 24 hr notice.....
I am on phone with TD to double check margin on stocks in discussion.
Saleem
Hi Stocktrader,
Here is TD Canada margin allowed.....
OCZ 25%
FB & PANW 50%
WPRT 70%
Saleem
SALEEM
I am so Glad that you look at APPLE every day.
By regret do ya mean that you wish that you had
some?? or something else?
I have not looked at % for margin--as I have small money in a cash account that has margin!
My IRA does not allow margin at all..
I was surprised to here that Canada was do goofy on margin rates or is that your broker>
Best of luck to all
C
Hi C,
Regret always means.."i wish i had kept"
TD Waterhouse is biggest in Canada & pretty big in US as TD Ameritrade...but Canada is operated differently.
Saleem
Hey Saleem,
I just got back from a family outing midday. I haven't trusted the market in a long time to be able to do that. And it seems like everything is in order still :).
Stocktrader
SALEEM
Who knew that we would continue to be so strong
LEN made it to $32.68, even BIDU is up again
Sold NYB made a couple smackers
C
Hi Stocktrader,
Today is a "split market"..some strong some fading......better than down across the board.
Saleem
Hi C,
I never look back, done is done ..now focus on next move in stocks you are watching & want to buy.
Saleem
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